News of an expanded share buyback from ANZ helped Australian shares shrug off overseas weakness and cling to the possibility of a fifth gain in six sessions.
The ASX 200 overcame steeper early losses to reach the halfway point of the session just three points or less than 0.1% weaker at 6229. The index has enjoyed one of its best weeks of the year as a benign rates outlook offset concerns about a tit-for-tat trade war between the US and China.
The financial sector surged 1% to a three-month high as ANZ's news helped erase memories of revelations at the Royal Commission into banking. Gold stocks added 0.5%. Telecoms continued to suffer, falling 2%. Also weak: energy -1.4%, IT -1% and metals & mining -0.9%.
US stocks staggered south overnight, with the Dow falling for an eighth straight session on concerns over the impact of Chinese retaliation on American exports as the Trump administration pursues tariffs on Chinese imports. S&P 500 futures were recently up 5.5 points or 0.2%.
Asian markets followed Wall Street lower. China's Shanghai Composite fell 0.31%, Hong Kong's Hang Seng 0.52% and Japan's Nikkei 0.85%.
Crude oil futures improved 85 cents or 1.3% this morning to US$66.39 a barrel. Gold futures dropped $1.20 or 0.09% to US$1,269.30 an ounce. The dollar was buying 73.86 US cents.
Trading: a mixed bag, in line with recent form. Got such a paltry part-fill in POW at the low that I needed a three-pip bounce to make $30. Had a dabble in QBL but may be in too soon. Heavy seller taking advantage of the 'volume event'. Best of the morning was CCP, which pretty much salvaged the entire week.
